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t) A market research firm supplies manufacturers with estimates of the retail sales of their products from samples of retail stores. Marketing managers are prone to look at the estimate and ignore sampling error. An SRS of 17 stores this year shows mean sales of 70 units of a small appliance, with a standard deviation of 13.6 units. During the same point in time last year, an SRS of 22 stores had mean sales of 55.176 units, with standard deviation 5.4 units. An increase from 55.176 to 70 is a rise of about 21%. 1. Construct a 99% confidence interval estimate of the difference μ₁ - μ2, where μ₁ is the mean of this year's sales and μ₂ is the mean of last year's sales. (a) (b) The margin of error is < (μ1 − μ₂) < - OA. Yes B. No - -- 2. At a 0.01 significance level, is there sufficient evidence to show that sales this year are different from last year?

t) A market research firm supplies manufacturers with estimates of the retail sales of their products from samples of retail stores. Marketing managers are prone to look at the estimate and ignore sampling error. An SRS of 17 stores this year shows mean sales of 70 units of a small appliance, with a standard deviation of 13.6 units. During the same point in time last year, an SRS of 22 stores had mean sales of 55.176 units, with standard deviation 5.4 units. An increase from 55.176 to 70 is a rise of about 21%. 1. Construct a 99% confidence interval estimate of the difference μ₁ - μ2, where μ₁ is the mean of this year's sales and μ₂ is the mean of last year's sales. (a) (b) The margin of error is < (μ1 − μ₂) < - OA. Yes B. No - -- 2. At a 0.01 significance level, is there sufficient evidence to show that sales this year are different from last year?

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.5: Comparing Sets Of Data
Problem 13PPS
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Previous Problem Problem List Next Problem A market research firm supplies manufacturers with estimates of the retail sales of their products from samples of retail stores. Marketing managers are prone to look at the estimate and ignore sampling error. An SRS of 17 stores this year shows mean sales of 70 units of a small appliance, with a standard deviation of 13.6 units. During the same point in time last year, an SRS of 22 stores had mean sales of 55.176 units, with standard deviation 5.4 units. An increase from 55.176 to 70 is a rise of about 21%. 1. Construct a 99% confidence interval estimate of the difference μ1 μ2, where μ₁ is the mean of this year's sales and is the mean of last year's sales. (a) < (µ1 − µ₂) < (b) The margin of error is 2. At a 0.01 significance level, is there sufficient evidence to show that sales this year are different from last year? A. Yes B. No
Transcribed Image Text:Previous Problem Problem List Next Problem A market research firm supplies manufacturers with estimates of the retail sales of their products from samples of retail stores. Marketing managers are prone to look at the estimate and ignore sampling error. An SRS of 17 stores this year shows mean sales of 70 units of a small appliance, with a standard deviation of 13.6 units. During the same point in time last year, an SRS of 22 stores had mean sales of 55.176 units, with standard deviation 5.4 units. An increase from 55.176 to 70 is a rise of about 21%. 1. Construct a 99% confidence interval estimate of the difference μ1 μ2, where μ₁ is the mean of this year's sales and is the mean of last year's sales. (a) < (µ1 − µ₂) < (b) The margin of error is 2. At a 0.01 significance level, is there sufficient evidence to show that sales this year are different from last year? A. Yes B. No
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